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| Name | Symbol | Market | Type |
|---|---|---|---|
| Citi Fun 24 | LSE:BD25 | London | Medium Term Loan |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
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RNS Number:4139K
Ashpol PLC
20 December 2007
Group income statement (unaudited)
6 Months to Year ended
Note 28 Sept 2007 24 Mar 2007
£'000 £'000
Revenue 4,248 7,915
Cost of sales (255) (777)
Gross profit 3,993 7,138
Administrative expenses (444) (455)
(Loss)/profit on disposals of investment properties - (1,038)
Profit from operations 3,549 5,645
Finance income 845 3,659
Finance costs (4,423) (9,298)
Profit before tax (29) 6
Tax expense 2 (3) (276)
(Loss)/profit for the period/year (32) (270)
All amounts relate to continuing activities.
The profit for the year is attributable to the equity holders of the company.
All recognised income and expense in the current and prior year is included in
the income statement.
Consolidated statement of changes in equity (unaudited)
6 Months to Year ended
Note 28 Sept 2007 24 Mar 2007
£'000 £'000
Opening total equity 55,644 50,376
Loss for the period/year (32) (270)
Dividends - (27,500)
Conversion of preference shares 4 - 33,038
55,612 55,644
Group balance sheet (unaudited)
6 Months to Year ended
28 Sept 2007 24 Mar 2007
£'000 £'000
Assets
Non-current assets
Investment properties 3 123,159 123,159
Current assets
Trade and other receivables 20,943 20,059
Cash and cash equivalents 1,554 1,644
22,497 21,703
Total assets 145,656 144,862
Liabilities
Current liabilities
Trade and other payables (11,608) (10,759)
Corporation tax liability (672) (695)
(12,280) (11,454)
Non-current liabilities
Financial liabilities 4 (77,764) (77,764)
Total liabilities (90,044) (89,218)
Net assets 55,612 55,644
Equity
Share capital 10,712 10,712
Share premium reserve 33,821 33,821
Capital redemption reserve 42 42
Equity conversion reserve 11,139 11,139
Retained earnings (102) (70)
Total equity 55,612 55,644
Group cash flow statement (unaudited)
6 Months to Year ended
28 Sept 2007 24 Mar 2007
£'000 £'000
Operating activities
(Loss)/profit after tax (32) (270)
Loss/(profit) on disposal of investment properties - 1,038
Movement in receivables (884) (18,744)
Movement in payables 849 1,002
Tax expense 3 276
Finance income (845) (3,659)
Finance costs 4,423 9,298
Cash generated from operations 3,514 (11,059)
Income taxes received/(paid) (26) 126
Cash flows from operating activities 3,488 (10,933)
Investing activities
Proceeds from sale of investment properties - 2,690
Acquisition of investment properties - (33,864)
Acquisition of subsidiary undertakings - -
Interest received 845 1,208
845 (29,966)
Financing activities
Interest paid (4,423) (8,024)
(4,423) (8,024)
(Decrease)/increase in cash and cash equivalents in the (90) (48,923)
period
Notes to the preliminary announcement
Basis of preparation
The unaudited interim results for the six month period ended 28 September 2007
have been prepared in accordance with International Financial Reporting
Standards as adopted by the European Union (IFRSs and IFRIC interpretations)
issued by the International Accounting Standards Board (IASB) and with those
parts of the Companies Act 1985 applicable to companies preparing their accounts
under IFRS. The accounting policies used have been consistently applied to all
the periods presented. The interim results should be read in conjunction with
the annual financial statement for the year ended 24 March 2007 and have been
prepared using accounting policies consistent with those annual financial
statements.
Compliance with accounting standards
The financial statements of the group have been prepared in accordance with
applicable International Financial Reporting Standards (IFRSs) except:
* In respect of the application of the cost model of International
Accounting Standard ('IAS') 40 to measure investment properties, the directors
have not provided for depreciation on the properties as they consider that, as
the properties are held for investment rather than consumption, systematic
annual depreciation would be inappropriate.
* In respect of the requirement of IAS 40 that the fair value of
investment properties at the year end be disclosed in the financial statements,
the directors do not believe the additional information this would provide
justifies the cost of the valuations and have therefore omitted to provide this
disclosure.
The financial information contained in this interim report does not constitute
statutory accounts within the meaning of Section 240 of the Companies Act 1985.
Full audited accounts for the year ended 24 March 2007 have been delivered to
the Registrar of Companies and shareholders.
The auditors' report on the statutory accounts for the year ended 24 March 2007
included an audit report as a result of non-compliance with IAS 40.
The financial information for the year ended 24 March 2007 is extracted from the
audited financial statements to that date which have been delivered to the
Registrar of Companies.
1. Segmental reporting
The directors consider there is only one business segment being investment properties and one
geographical area, being the UK.
2. Tax expense
6 Months to Year ended
28 Sept 2007 24 Mar 2007
£'000 £'000
Current tax - current tax on profit for the period (3) 276
Deferred tax - reversal of timing differences - -
(3) 276
3. Fixed assets - investment properties
2007 2007
£'000 £'000
Balance at beginning of period/ year 123,159 93,023
Additions - 33,864
Disposals - (3,728)
Balance at end of period/year 123,159 123,159
4. Financial liabilities
2007 2007
£'000 £'000
10 3/4 % 1st Mortgage Debenture Stock (75,000) (75,000)
10% Cumulative Preference shares of £1 (1,062) (1,062)
Finance lease creditor (1,702) (1,702)
(77,764) (77,764)
The 53/4% convertible preference shares were converted at the holder's option on 30 January 2007. The
conversion rate was 83.333 ordinary shares for every 100 convertible preference shares. As a result,
33,330,415 ordinary shares of 10p each were issued, giving rise to a premium on issue of £26,752,000.
5. Dividends
2007 2007
£'000 £'000
Equity shares:
Ordinary shares - paid - 27,500
6. Net debt
2007 2007
£'000 £'000
Repayable as follows:
After more than five years (77,764) (77,764)
Cash and cash equivalents 1,554 1,644
Net debt (76,210) (76,120)
7. Company Information
Directors L Noe
P Meads
I Smith
A Thomson
Secretary A M Jacobs
Registered Office 5 Wigmore Street
London
W1U 1PB
Registered Number 104394
This information is provided by RNS
The company news service from the London Stock Exchange
END
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